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Gibraltar To Create Financial Services Ombudsman

by Jason Gorringe, Lowtax.net, London
05 August, 2015

The Government of Gibraltar has issued a paper proposing to introduce a Financial Services Ombudsman.

The Financial Services Ombudsman will be empowered to deal with complaints and disputes between consumers and licensed financial services firms, and will, as in other jurisdictions, be able to make compensatory awards to consumers.

The Ombudsman will have the function of investigating, facilitating, mediating, proposing, or determining solutions to financial services disputes.

Minister for Financial Services and Gaming Albert Isola said: "This is yet another manifesto commitment that we have been able to deliver and one that has been much anticipated in affording consumers an alternative route to resolve disputes with licensed firms. I am grateful to the Financial Services Commission for their assistance in the preparation of this Bill, and I look forward to engaging with the sector in this consultation process before bringing the final version of this Bill to Parliament."

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